863 Labs
863 Labs is an independent equity research practice. We publish empirical studies of market behaviour and structured analysis of individual businesses.
What we publish
Three kinds of work, and we label every piece so you know which one you're reading.
Studies are population-level. They ask what a large sample of outcomes actually looked like — what the distribution was, what the base rate was, what conditions preceded what results — and they answer with cited data rather than assertion. A study is not about any one company.
Reports are company-level. They take a single business and work through it: the economics, the capital structure, the cost of capital, what the numbers imply, and what would have to be true for the market's price to be right or wrong.
Notes are shorter. An observation, a correction, a piece of method, a data point worth writing down.
Method
The commitments that make the work checkable:
- Sources are named. Where a figure comes from a filing, a study, or a data provider, we say which one. Claims that can't be sourced are marked as judgement.
- Method is shown. If a number is derived, the derivation is in the piece. You should be able to disagree with a conclusion by disagreeing with a specific step.
- Base rates before narratives. What usually happens is the starting point. A story about why this time is different has to beat the base case explicitly.
- Published work is not revised quietly. A piece reflects what was known on its date. Corrections are appended and dated, not swapped in.
- Uncertainty is stated. Where the evidence is thin, the piece says so instead of rounding to confidence.
What we don't do
No price targets, no ratings, no model portfolio, no trade signals. We don't take compensation from any company we write about, and we don't publish sponsored research. 863 Labs is not a registered investment adviser or broker-dealer, and nothing published here is advice or a recommendation. The work is research — what you do with it is yours.
Contact
Corrections, data disputes, and requests for coverage: research@863labs.com. Corrections are taken seriously and are published.